By the end of June 2021, approximately 6 months after the launch of the EasyFlex product, we had nearly 2.6K users that were in the pending state (i.e. completed the sign-up flow and never funded their EasyFlex account). Since we would like for these users to fund their accounts and get their Savings account, we'll be looking into potential causes for this to happen and try to answer the following questions:
The main findings of this research are:
We identified 6 potential causes for users not to fund their Easyflex account:
| has_closed_account | st_customer_status | is_mau_last_6_mo | screen_views_type | spaces_balance_type | total_balance_type | n_users | perc_users | |
|---|---|---|---|---|---|---|---|---|
| 0 | Has open account | ACTIVE | Was MAU last 6 mo | Has manage screen views | Had no/ empty spaces | Had balance below 500€ | 746 | 29.0 |
| 1 | Has open account | ACTIVE | Was MAU last 6 mo | Has manage screen views | Always had spaces balance | Had balance below 500€ | 382 | 14.9 |
| 2 | Has open account | ACTIVE | Was MAU last 6 mo | No manage screen views | Always had spaces balance | Had balance below 500€ | 285 | 11.1 |
| 3 | Has open account | ACTIVE | Was MAU last 6 mo | No manage screen views | Had no/ empty spaces | Had balance below 500€ | 233 | 9.1 |
| 4 | Has open account | ACTIVE | Was MAU last 6 mo | No manage screen views | Always had spaces balance | Always had balance above 500€ | 172 | 6.7 |
| 5 | Has open account | ACTIVE | Was MAU last 6 mo | Has manage screen views | Always had spaces balance | Always had balance above 500€ | 160 | 6.2 |
| 6 | Has closed account | ACTIVE | Was MAU last 6 mo | Has manage screen views | Had no/ empty spaces | Had balance below 500€ | 53 | 2.1 |
| 7 | Has open account | DOCUMENTS_PARTIALLY_SUBMITTED | Was MAU last 6 mo | Has manage screen views | Had no/ empty spaces | Had balance below 500€ | 31 | 1.2 |
| 8 | Has open account | ACTIVE | Was MAU last 6 mo | Has manage screen views | Had no/ empty spaces | Always had balance above 500€ | 27 | 1.1 |
| 9 | Has open account | DOCUMENTS_PARTIALLY_SUBMITTED | Was MAU last 6 mo | Has manage screen views | Always had spaces balance | Always had balance above 500€ | 26 | 1.0 |
Looking at the combinations above and the chart below, we can see that having a balance below 500€ is the main blocker when it comes to account funding, with about 80% of the users going below this threshold in the last 3 months.
If we were to reach out to users to remind them to fund their Easyflex account, the ones that could more easily do so are users who:
This means that only 402 users would be able to activate their EasyFlex account at the moment (which corresponds to 15.6% of all users in the pending state).
| has_closed_account | customer_process_status | total_balance_type | n_users | perc_users | |
|---|---|---|---|---|---|
| 0 | Has open account | Active Customer Process | Always had balance above 500€ | 402 | 15.6 |
| 1 | Has open account | Active Customer Process | Had balance below 500€ | 1697 | 66.0 |
| 2 | Has open account | Incomplete Customer Process | Always had balance above 500€ | 116 | 4.5 |
| 3 | Has open account | Incomplete Customer Process | Had balance below 500€ | 181 | 7.0 |
| 4 | Has closed account | Active Customer Process | Always had balance above 500€ | 32 | 1.2 |
| 5 | Has closed account | Active Customer Process | Had balance below 500€ | 127 | 4.9 |
| 6 | Has closed account | Incomplete Customer Process | Always had balance above 500€ | 7 | 0.3 |
| 7 | Has closed account | Incomplete Customer Process | Had balance below 500€ | 9 | 0.4 |
Below we can see the cumulative distribution of users based on their minimum balance in the last 3 months. In the first chart we can see that the vast majority of users is centered around the 0€ balance.
(balances over 50k€ were grouped into the 50K€ value)
Since we are specifically interested in users with a minimum balance between 0€ and 500€, below we filter for the percentage of users within these values. We can see that even if we were able to reduce the threshold of funding to 20€, we would still be excluding about two thirds of the users in the pending state.
We can also look into how users were expecting to use the product when they signed-up, and split them by balance type. For that we'll be looking into how they answered the following sign-up questions:
The main trend we can identify here is that the overwhelming majority of users (94%) were expecting to top-up with less than 500€ after the initial deposit.
| total_balance_type | top_up_answer | withdrawal_frequency_answer | n_users | perc_users | |
|---|---|---|---|---|---|
| 3 | Had balance below 500€ | below 500€ | more than 5 times a year | 1312 | 51.0 |
| 9 | Had balance below 500€ | below 500€ | <= 5 times per year | 583 | 22.7 |
| 0 | Always had balance above 500€ | below 500€ | more than 5 times a year | 295 | 11.5 |
| 6 | Always had balance above 500€ | below 500€ | <= 5 times per year | 221 | 8.6 |
| 4 | Had balance below 500€ | 500€ and higher | more than 5 times a year | 51 | 2.0 |
| 10 | Had balance below 500€ | 500€ and higher | <= 5 times per year | 32 | 1.2 |
| 5 | Had balance below 500€ | Other | more than 5 times a year | 22 | 0.9 |
| 1 | Always had balance above 500€ | 500€ and higher | more than 5 times a year | 19 | 0.7 |
| 7 | Always had balance above 500€ | 500€ and higher | <= 5 times per year | 16 | 0.6 |
| 11 | Had balance below 500€ | Other | <= 5 times per year | 14 | 0.5 |
| 2 | Always had balance above 500€ | Other | more than 5 times a year | 3 | 0.1 |
| 8 | Always had balance above 500€ | Other | <= 5 times per year | 3 | 0.1 |
Yes, below you can find a list of these answers.
| kmptopupnumber_answer | n_answers | |
|---|---|---|
| 0 | ? | 2 |
| 1 | 500-1000 | 2 |
| 2 | kp | 2 |
| 3 | Don’t know | 1 |
| 4 | 1 | |
| 5 | Kp | 1 |
| 6 | quadrat trillionen | 1 |
| 7 | Keine Ahnung | 1 |
| 8 | Л | 1 |
| 9 | any | 1 |
| 10 | 20.000,00 € | 1 |
| 11 | 1000000000000000000000 | 1 |
| 12 | 1000 - 1500 | 1 |
| 13 | 39157,92 | 1 |
| 14 | 4000 5000 | 1 |
| 15 | 12,000,00 | 1 |
| 16 | ?m | 1 |
| 17 | nelr | 1 |
| 18 | ka | 1 |
| 19 | zweitausend | 1 |
| 20 | Ja | 1 |
| 21 | ich weiß nicht | 1 |
| 22 | Weiß ich noch nicht | 1 |
| 23 | 28.800,00 | 1 |
| 24 | 15,000.00 | 1 |
| 25 | 200.000,00 | 1 |
| 26 | 500.000.000 | 1 |
| 27 | 600 bis 1200 € | 1 |
| 28 | weiß ich nicht | 1 |
| 29 | !!! | 1 |
| 30 | kein ahnung | 1 |
| 31 | ich habe keine Ahnung | 1 |
| 32 | 15000,00 | 1 |
| 33 | 100000,00 | 1 |
| 34 | 1000-10000 | 1 |
| 35 | 10000.0 | 1 |
| 36 | 20.400,00 | 1 |
| 37 | 1000000 | 1 |
| 38 | 15000000 | 1 |